June 14, 2019 / 8:45 AM / a year ago

Hong Kong stocks inch down on China growth worries

* Hang Seng falls 0.7%, H-shares 0.5% lower; slightly up for week

* China May industrial production undershoots; stimulus hopes grow

* Bank branches re-open in the city after heated street protests

HONG KONG, June 14 (Reuters) - The Hong Kong stock market fell for the third straight session on Friday and pared of some its weekly gains, as China reported lacklustre industrial production data. ** At the close of trade, the Hang Seng index was down 0.7% at 27,118.53, shedding its weekly gains to 0.6%. The Hang Seng China Enterprises index fell 0.7% on Friday, finishing the week up just 0.8%. The Chinese A-share market recorded gains of around 2% this week. ** The sub-index of the Hang Seng tracking energy shares rose 0.2%, the IT sector lost 1.4%, the financial sector ended 0.8% lower and the property sector dipped 0.3%. ** China’s industrial output growth unexpectedly slowed to a more than 17-year low in May, official data showed after market hours on Friday, adding that the country’s investment also cooled, in the latest sign of weakening demand in the world’s second-largest economy as the United States ramps up trade pressure. ** U.S. President Donald Trump said this week he still plans to meet Chinese President Xi Jinping later this month, but declined to set a deadline for levying tariffs on another $325 billion of Chinese goods. ** Chinese Vice Premier Liu He on Thursday also signalled step up support for the economy. A state newspaper reported this week that China is expected to adjust money and credit supply in coming weeks. ** Police kept a close watch over central Hong Kong on Friday as the Asian financial hub returned to normalcy, with banks re-opening branches closed during violent protests against a proposed extradition bill with mainland China. ** The top gainer on the Hang Seng was Sino Biopharmaceutical Ltd, which gained 1.3%, while the biggest loser was Hengan International Group Company Ltd, which fell 2.6%. ** The three biggest H-shares percentage decliners were Huatai Securities Co Ltd, which was down 4.3%, Guangzhou Automobile Group Co Ltd, which fell 3.5% and GF Securities Co Ltd, down by 2.8%. ** At close, China’s A-shares were trading at a premium of 26.37% over Hong Kong-listed H-shares.

Reporting by Noah Sin; Editing by Rashmi Aich

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